We couldn't help but notice big underwriters making big technology moves these last couple of years and we couldn't be happier about this. it's clear that to win more market share, underwriters need to focus on bringing more value to their title agencies.
This is something we have always been very interested in here at TitleCapture over the past few years. In an effort to garner insight along these lines, we conducted a survey right before Covid hit in which we went out and asked over 1000+ of our title agency clients a few questions around technology and their relationship with their underwriter.
The results were quite surprising, and one startling statistic made us take a step back and ponder.
It seems that 66% of title agencies are more likely to send business to the underwriter that offers them the best technology.
Let that sink in for a second and then I'll unpack this.
This is an important statistic. It shows that title agencies regard themselves as being in a partnership relationship with their underwriter, rather than a mere broker for title insurance policies. They expect underwriters to provide value… and not just any value - but the BEST value.
What does this mean?
Well, for one, it means that title agencies are waking up and realizing that technology has become the #1 brand differentiator. They want to be able to offer an awesome experience to their clients and believe technology can help them do that. Interesting sidenote and example on that, our survey also revealed that 88.9% of title agencies prefer sending out branded quotes to their clients.
Secondly, this statistic also means that agencies' standards are rising when it comes to technology. Notice the keyword "best", as in they demand the best technology. This is an inevitable outcome of the fact that people are being delivered incredible user experiences in the consumer software and tech they use daily, in their private life. Apple, Google, Uber, and so on - these companies excel when it comes to ease of use, speed, aesthetics, utility, etc.
And their users include title professionals that go to work (or at least used to before Covid) at 9 AM in the morning, demanding the same level of user experience from the technology being offered to them in the professional space.
In conclusion, we believe technology will play an ever-growing role in title, both for streamlining operations, as well as for improving customer experiences - and underwriters have a unique opportunity to lead their agencies by offering value through technology thus meeting the title agencies expectations and fulfilling the vision they have for a mutually beneficial growth partnership.